Dividends Noncumulative. The right of holders of Series A Preferred Shares to receive dividends is noncumulative. Accordingly, except as herein expressly provided, if the Board of Directors does not authorize or declare a dividend payable in respect of any Dividend Period, holders of Series A Preferred Shares shall have no right to receive a dividend in respect of such Dividend Period and the Corporation shall have no obligation to pay a dividend in respect of such Dividend Period, whether or not dividends are authorized and declared payable in respect of any subsequent Dividend Period.
Appears in 2 contracts
Samples: Agreement and Plan of Reorganization (Midcarolina Financial Corp), Agreement and Plan of Reorganization (American National Bankshares Inc)
Dividends Noncumulative. The right of holders of Series A Preferred Shares Stock to receive dividends is noncumulative. Accordingly, except as herein expressly provided, if the Board of Directors does not authorize or declare a dividend payable in respect of any Dividend Period, holders of Series A shares of Preferred Shares Stock shall have no right to receive a dividend in respect of such Dividend Period Period, and the Corporation Company shall have no obligation to pay a dividend in respect of such Dividend Period, whether or not dividends are authorized and declared payable in respect of any subsequent future Dividend Period.
Appears in 2 contracts
Samples: Stock Purchase Agreement (North Fork Bancorporation Inc), Stock Purchase Agreement (Fleet Boston Corp)
